FTSE 100 climbs on US rally
Friday 13th February 2009, 9:12AM GMT.
The FTSE 100 recovered yesterday’s losses in early trading after new hopes for a financial bailout plan in the US led to a late rally on the Dow Jones.
By 08:30 GMT, the UK’s benchmark index had gained 62.10 points to 4,264.34, after declining 32 points over yesterday’s session.
Banking stocks performed well on the index, with Lloyds Banking Group shares up 4.07 per cent and Royal Bank of Scotland up 3.75 per cent.
Although the Dow Jones finished 6.77 points lower last night, the US index had been trading much lower throughout most of the day.
However, better-than-expected retail sales data and renewed hopes on President Obama’s plan to stimulate the economy triggered a late rally.
In Asian markets, the rally helped break a three-day losing streak on Japan’s Nikkei 225, which closed 0.96 per cent higher.
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